International Seaways, Inc. (NYSE:INSW) to Issue $0.12 Quarterly Dividend

International Seaways, Inc. (NYSE:INSW) announced a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Shareholders of record on Friday, March 14th will be paid a dividend of 0.12 per share by the transportation company on Friday, March 28th. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. The ex-dividend date is Friday, March 14th.

International Seaways has raised its dividend payment by an average of 26.0% annually over the last three years. International Seaways has a dividend payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect International Seaways to earn $4.65 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 10.3%.

International Seaways Stock Down 1.4 %

Shares of INSW traded down $0.47 on Friday, hitting $33.29. The company’s stock had a trading volume of 1,116,313 shares, compared to its average volume of 668,915. The firm’s fifty day moving average price is $37.70 and its 200-day moving average price is $43.17. International Seaways has a fifty-two week low of $32.11 and a fifty-two week high of $65.94. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 3.22 and a beta of -0.11.

Wall Street Analysts Forecast Growth

Several research firms recently commented on INSW. Jefferies Financial Group reaffirmed a “buy” rating and issued a $58.00 price objective on shares of International Seaways in a research report on Thursday. SEB Equity Research set a $50.00 price objective on International Seaways in a research report on Friday, January 24th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.50.

Insiders Place Their Bets

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $39.10, for a total value of $39,100.00. Following the completion of the transaction, the senior vice president now directly owns 48,803 shares in the company, valued at $1,908,197.30. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.90% of the company’s stock.

About International Seaways

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.